Profit This Week: RBI keeps key rates unchanged; Fitch revises India's outlook to negative from stable
By Shivani Muthanna | Published On: June 23, 2012 11:30 (IST) | Duration: 23 min, 03 sec
This week, the Reserve Bank maintained status quo, dashing hopes of a rate cut to revive growth. Rating agency Fitch revised India's outlook to negative from stable, saying growth outlook will deteriorate if reforms are not hastened. The rupee ended at a record low at 57.12 to dollar this week. Meanwhile, the Competition Commission of India (CCI) found 10 cement companies guilty of cartelisation; levied a fine of 50 per cent of their FY10 & 11 profits, which works out to Rs 6,300 crore. The Calcutta High Court held the Singur land act invalid, dishing out a severe blow to Mamta Banerjee's prestige struggle against the Tatas.